While a balloon car loan can reduce the monthly payment on a vehicle, lenders that offer these loans, because of the higher risk involved, usually only approve them for their most credit-worthy borrowers.
Continue ReadingWhile a balloon car loan can reduce the monthly payment on a vehicle, lenders that offer these loans, because of the higher risk involved, usually only approve them for their most credit-worthy borrowers.
Continue ReadingThe newest FICO scoring model will penalize consumers with medical collections less than it has in the past. But it will take time to be implemented and, in any case, borrowers, especially those with credit issues, should continue to practice the fundamentals of good credit.
Continue ReadingWith bad credit you probably will not know the interest rate you will be charged for terrible credit auto loans until you have been approved.
Continue ReadingCar buyers with problem credit that are self employed should be aware of the problems they may encounter when applying for a car loan.
Continue ReadingThe Costco GM Holiday Sales Event represents a good deal for car buyers – but, unfortunately, it leaves out those vehicles that most shoppers with poor credit can afford.
Continue ReadingAccording to Consumer Reports, credit-challenged buyers would be doing themselves a favor by avoiding these six vehicles. Despite their affordable prices, their faults include noisy cabins, slow acceleration, poor ride quality and unacceptable scores on the IIHS small-overlap crash tests.
Continue ReadingIf you get turned down for credit or don’t qualify for the best interest rate offered, you’ll want to understand what those two-digit FICO reason codes stand for in the letter you receive.
Continue ReadingCredit challenged consumers should check their sales contract carefully before signing on the dotted line especially for Conditional Sales Contracts.
Continue ReadingIf you have bad credit you may be wondering why it's so difficult locating a lender that deals in horrible credit auto loans.
Continue ReadingBut if your credit score falls below 640 or if you have a limited credit history and no co-signer, the issues of finding a lender and getting an approval are more difficult. There are over 30 national or regional lenders that offer a poor credit car loans and their lending requirements can vary widely. The biggest issue for poor credit buyers, however, is that practically all these financial institutions only loan indirectly. In order to request a credit decision, you'll have to submit an application through a franchised new car dealer that has signed up with them.
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